US Study Finds Iraq Missing Billions in Oil

A published report says between $5 million and $15 million worth of oil a day is missing in Iraq, and could have been siphoned off through corruption or smuggling.

Citing a draft report from the U.S. Government Accountability office, The New York Times said Saturday the losses amount to between 100,000 and 300,000 barrels a day of Iraq's declared oil production over the past four years.

The Times quotes an unnamed State Department official who offered some possible explanations for the losses, including pipeline sabotage, and inaccurate reporting of oil production.

The newspaper says the report did not make a final conclusion on what happened to the missing oil. The Times said the report is expected to be released next week.